🏢 Prime 11-Unit Multifamily Investment | Downtown Cortez, CO | 6.67% Cap

Address: 122 E 1st Street, Cortez, Colorado
Property Name: Adobes On Ash
Units: 11
Cap Rate: ~6.67%
Zoning: Central Business District (CBD)

📈 Investment Overview

Adobes On Ash represents a rare opportunity to acquire the first multi-family building ever constructed in Cortez, offering a strong track record of tenant stability and consistent income. With a 6.67% cap rate, this property provides reliable cash flow today with meaningful long-term appreciation and development upside.

Located just one block off Main Street in downtown Cortez, the property benefits from excellent walkability to shops, restaurants, parks, and services, along with ample and easy parking, supporting long-term tenant retention.

🏠 Property & Income Highlights

• 11 residential units (residential use grandfathered)

• Strong rental demand in a supply-constrained market

• Fiber internet available (buyer option)

• Proven income-producing asset with long-term tenants

🛠️ Development & Value-Add Potential

Town of Cortez Planning indicates additional development potential, including:

• Up to 100% lot coverage

• Opportunity to add commercial and/or residential units along the north alley

• Possible grants or incentives to support alley-adjacent commercial development

• Second-story additions permitted (buyer to verify all development options with Town of Cortez Planning)

Zoned Central Business District, this property offers rare flexibility for investors seeking expansion, redevelopment, or mixed-use enhancement.

📍 Market & Location Strength

• Cortez population ~9,000; county seat of Montezuma County (~27,000)

• Steady economic and population growth

• Extremely low rental vacancy rate: 1.4% (per City of Cortez Housing Needs Assessment)

• Less saturated and more affordable than Colorado resort towns, while still benefiting from strong demand

🌄 Lifestyle & Regional Appeal

• Just 10 miles from Mesa Verde National Park (UNESCO World Heritage Site)

• Surrounded by archaeological sites and cultural landmarks

• Approximately 76% of Montezuma County land is publicly owned (BLM & USFS)

• Easy access to hiking, biking, off-roading, fishing, and winter recreation

• Increasing appeal to remote workers, families, and lifestyle-driven relocators

💼 Why Investors Like This Deal

• Stable cash flow in a tight rental market

• Downtown location with walkability and parking

• Historic asset with future upside

• Strong diversification play for out-of-state investors

• Ideal for long-term hold, value-add, or mixed-use expansion

📞 Next Steps

Full financials, rent roll, and development discussion available upon request.

Listed by:
Allison Klein & Mindi Clark
United Country Blue Sky Homes and Land